Many initiatives are being put in place to support rising startups across the African continent. One of them is the Orange African Social Venture Prize, rewarding African startups with cash prices to help support their ventures.
Orange Cameroun released last month the list of the three startup winners of Social Venture Prize that will benefit from their financial support. The winner was the Egyptian platform Bassita, inventor of the clickfunding model. Bassita was followed by UpOwa, a Cameroonian startup involved in smart solar solutions, and in third position by the Malian startup My Agro, who created a mobile application enabling farmers to benefit from an agricultural training and to buy quality fertilizers. All these startups respectively received 25000, 15000 and 10000 Euros.
Such initiatives as the one set up by Orange Cameroun can only be encouraged especially as access to funding is a major obstacle for most startups. A report titled “Accelerating Entrepreneurship in Africa” released by a social investment group called Omidyar Network pointed out that finding financial backing for small enterprises is either impossible or impractical. Most banks consider startups as high risk and are reluctant to provide them with a loan or don’t have loans that are tailored for them. However, in recent years, a number of funding options have come into play and most startups can now benefit from the required capital to help boost their business ventures.
Although Ovamba does not partner with startups, Ovamba believes in African Entrepreneurship and encourages such initiatives to raise startups and allot them capital to stand and grow.
For more information on these startups, visit the following websites